Fenn Stores, Inc. had sales of $9.000.000 during December, year 2. Experience has shown that merchandise equaling 8% of sales will be returned within thirty days and an additional 5% will be returned within ninety days. Returned merchandise is readily- resalable. In addition, merchandise equaling 10% of sales will be exchanged for merchandise of equal or greater value. What amount should Fenn report for net sales in its income statement for the month of December year 27 O $8,100,000 $6,930,000 O $7.830,000 O $8,280,000
Fenn Stores, Inc. had sales of $9.000.000 during December, year 2. Experience has shown that merchandise equaling 8% of sales will be returned within thirty days and an additional 5% will be returned within ninety days. Returned merchandise is readily- resalable. In addition, merchandise equaling 10% of sales will be exchanged for merchandise of equal or greater value. What amount should Fenn report for net sales in its income statement for the month of December year 27 O $8,100,000 $6,930,000 O $7.830,000 O $8,280,000
Chapter2: Analysis Of Financial Statements
Section: Chapter Questions
Problem 12PROB
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![QUESTION 34
Fenn Stores, Inc. had sales of $9,000,000 during December, year 2. Experience has shown that merchandise equaling 8% of sales
will be returned within thirty days and an additional 5% will be returned within ninety days. Returned merchandise is readily
resalable. In addition, merchandise equaling 10% of sales will be exchanged for merchandise of equal or greater value. What
amount should Fenn report for net sales in its income statement for the month of December year 2?
O $8,100,000
$6,930,000
O $7,830,000
O $8,280,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3f6f4d9e-8977-4487-b242-ee8b12b51b57%2F6ac40a51-7f9f-4bbe-a72f-9d2ca85274e0%2Frr37phmq_processed.jpeg&w=3840&q=75)
Transcribed Image Text:QUESTION 34
Fenn Stores, Inc. had sales of $9,000,000 during December, year 2. Experience has shown that merchandise equaling 8% of sales
will be returned within thirty days and an additional 5% will be returned within ninety days. Returned merchandise is readily
resalable. In addition, merchandise equaling 10% of sales will be exchanged for merchandise of equal or greater value. What
amount should Fenn report for net sales in its income statement for the month of December year 2?
O $8,100,000
$6,930,000
O $7,830,000
O $8,280,000
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